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Q. X-Corporation produces a good (Called X) that is a normal good. Its competitor, Y-Corp makes a substitute good that it markets under name "Y." Good Y is an inferior good.
a. How will demand for good X change if consumer incomes increase?
b. How will demand for good Y change if consumer incomes increase?
c. How will demand for good X change if price of good Y decreases?
d. Is good Y a lower-quality product than good X? Explain.
Using appropriate diagrams and notations,carefully explain the relationship b/n elasticity, total revenue and marginal revenue. 2,discuss the uses of elasticity of demand.
Calculate total economic surplus under monopoly also competition. The difference is the social cost of monopoly
Camera Shop will discontinue its operations next month. Explain will this information alter your pricing decisions today.
If Fly Right were to go out of business, it would be able to rent its plane to another airline for $30,000. Which airline has lower costs.
Presently, at a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply.
Illustrate what share of GDP is composed of consumption. Illustrate what share of GDP is composed of investment.
How many tickets to sell to maximize total welfare.
Explain why dose the profits of firms that buy their inputs in perfectly competitive market and sell their output in imperfectly competitive markets tends to increase when there is excess supply
Write down John's lifetime budget constraint. Explain how much does he save for the retirement when he is at work.
sofa manufacturer presently is using 50 workers also 30 machines to produce 5,000 sofas a day.
wo companies A also B are duopolists who produce identical products. Determine the long run equilibrium output also selling price for each firm.
How fares paid by consumers, in East and West Berlin after unification; given that living standards are much higher in West than in East Berlin. Assume the market for taxi cabs is competitive.
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